LISBON, April 22 — Shares in Portuguese oil group Galp Energia soared today after the company said a field off Namibia could contain 10 billion barrels of crude.

Galp Energia’s stock price rose by almost 19 per cent to 19.05 euros (US$20.29) in morning trading in Lisbon.

The company said yesterday that drilling carried out in January and March on the Mopane field found that the location could contain at least 10 billion barrels of oil.

Galp owns 80 per cent of the field.

"Namibia could become a new source of income for Galp, which currently has significant investments off the coast of Brazil and is also involved in a natural gas project in the Rovuma basin in Mozambique,” it said in a statement.

Galp posted a record profit of one billion euros in 2023, up 14 per cent from the previous year. — AFP